The COVID-19 pandemic triggered a massive shift toward individual mobility as millions of people started avoiding public transport in fear of the virus. For many of them, the two-wheelers, like mopeds, scooters, and motorcycles, became the best alternative for busses and trains, especially considering their affordability compared with cars.
However, the growing interest in motorcycles wasn’t enough to cover huge losses of the entire industry, caused by blocked production, shipments, and distribution amid lockdown periods.
According to data presented by Finaria, the global motorcycle sales revenue dropped by 18% to 108.8bn in 2020. The downsizing trend is set to continue this year, with the entire industry losing another $3.3bn in revenue.
Honda Motorcycles and Yamaha Hold More than 50% Market Share
In 2013, the revenue of the global motorcycle market amounted to $135.9bn, revealed the Statista data. After a considerable drop in 2105 and 2016, this figure stood at $133.4bn in 2019.
However, the COVID-19 crisis triggered the worst market contraction in years, with even the biggest motorcycle manufacturers witnessing huge sales and stock price drops. Statistics show the entire industry lost $24.6bn in revenue in 2020, and the strong negative trend is set to continue in the next two years. By 2023, global motorcycle sales are expected to generate around $106bn in revenue, 20% less than in 2019.
The Statista data revealed Honda Motorcycle represented the biggest single player in the market with almost 40% market share as of 2020. Yamaha ranked as the second-largest motorcycle manufacturer globally with a 12.9% market share. Hero MotoCorp, TVS, and Harley Davidson follow with 3.9%, 3.8%, and 3.6% market share, respectively.
Three Biggest Motorcycle Markets Lost $11.5B Amid COVID-19 Pandemic
Analyzed by geography, India represents the world’s biggest motorcycle market, expected to generate $18.3bn in revenue in 2021, an 18% plunge compared to 2019 figures. Statistics show that Hero MotoCorp is the leading manufacturer in India, with a 35.1% market share in 2020. Honda Motorcycles and TVS follow, with 25.6% and 14.9%, respectively.
As the second-largest industry globally, the Chinese market is forecast to reach $13.5bn value in 2021, a 26% decrease in two years. The Vietnamese market, the third-largest globally, has also witnessed a considerable revenue drop amid the coronavirus pandemic, with the figure falling from $12.5bn in 2019 to $9.9bn in 2021.
Statistics show the three biggest motorcycle markets lost $11.5bn in revenues amid the COVID-19 pandemic.